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MGTA01H3 (583)
Chapter 7

Chapter 7 Textbook Notes

4 Pages
61 Views

Department
Management (MGT)
Course Code
MGTA01H3
Professor
Ingrid L.Stefanovic

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MGTA03 / 01
Chapter 7: Managers and Managing
- Management LVWKHSURFHVVRISODQQLQJRUJDQL]LQJOHDGLQJDQGFRQWUROOLQJDEXVLQHVV¶V
financial, physical, human, and information resources in order to achieve its goals
- The CEO of Walt Disney Productions is a manager because he regularly carries out these
four functions while actors such as Julia Roberts and Tom Cruise are not
- 7KHSODQQLQJRUJDQL]LQJOHDGLQJDQGFRQWUROOLQJDVSHFWVRIDPDQDJHVMREDUH
interrelated
Planning
- Determining what the organization needs to do and how best to get it done requires planning
- Planning KDVWKUHHPDLQFRPSRQHQWVGHWHUPLQLQJWKHILUP¶VJRDOVGHYHORSD
comprehensive strategy for achieving these goals, and designing a tactical and operational
plan for implementing the strategy)
- The planning process has 5 basic steps
o Step 1 ± goals are established for the organization (e.g. a commercial airline may set
a goal to fill every seat on every flight)
o Step 2 ± PDQDJHUVLGHQWLI\ZKHWKHUDJDSH[LVWVEHWZHHQWKHFRPSDQ\¶VGHVLUHDQG
actual position (e.g. a year-end report will determine whether a company met is
profitability objectives)
o Step 3 ± managers develop plans to achieve the desired objectives. Objectives
indicate what results are desired while plans indicate how these objectives will be
achieved
o Step 4 ± the plans that have been decided upon are implemented. The point in the
planning process where thinking is converted into action
o Step 5 ± the effectiveness of the plan is assessed. Comparing actual results with
planned performance
Organizing
- 7KHSRUWLRQRIDPDQDJHU¶VMREWKDWLVFRQFHUQHGZLWKPRELOL]LQJWKHQHFHVVDU\UHVRXUFHVWR
complete a particular task is known as organizing
- The importance of the organizing function of management can be seen by considering what
happened to Hewlett-Packard.
- Hewlett-Packard had some setbacks due to following the structure that had served so well in
the past. $QQ/LYHUPRUHWKHKHDGRIWKHILUP¶VVRIWZDUHDQGVHUYLFHV business suggested
that it HP needed an integrated, organization-ZLGHLQWHUQHWVWUDWHJ\EXWXQIRUWXQDWHO\+3¶V
highly decentralized organization made that impossible. So Ann Livermore led the charge to
create one organization to drive a single internet plan
Leading
- The activities involving interactions between managers and their subordinates to meet the
ILUP¶VREMHFWLYHVDUHNQRZQDVleading (or directing)
- Leading goes beyond merely giving orders, leaders attempt to guide and motivate
employees to work in the best interests of the organization
Controlling
- Controlling LVWKHSRUWLRQRIDPDQDJHVMREWKDWLVFRQFHUQHGZLWKPRQLWRULQJDILUP¶V
performance and to make sure that the firm is meeting its goals
- The control process: establish standards, measure performance, does measured performance
match standards?
The Management Process (pg. 99 ± 101)
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Description
MGTA03 01 Chapter 7: Managers and Managing The Management Process (pg. 99 101) - Management L89K0574.088415O,33L3J47J,3L]L3JO0,L3J,3.43974OOL3J,-:8L30888 financial, physical, human, and information resources in order to achieve its goals - The CEO of Walt Disney Productions is a manager because he regularly carries out these four functions while actors such as Julia Roberts and Tom Cruise are not - %K05O,33L3J47J,3L]L3JO0,L3J,3.43974OOL3J,850.9841,2,3,J078M4-,70 interrelated Planning - Determining what the organization needs to do and how best to get it done requires planning - Planning K,89K7002,L3.425430398 09072L3L3J9K01L728J4,O80;0O45, comprehensive strategy for achieving these goals, and designing a tactical and operational plan for implementing the strategy) - The planning process has 5 basic steps o Step 1 goals are established for the organization (e.g. a commercial airline may set a goal to fill every seat on every flight) o Step 2 2,3,J078L039L1ZK09K07,J,50[L898-09Z0039K0.425,3808L70,3 actual position (e.g. a year-end report will determine whether a company met is profitability objectives) o Step 3 managers develop plans to achieve the desired objectives. Objectives indicate what results are desired while plans indicate how these objectives will be achieved o Step 4 the plans that have been decided upon are implemented. The point in the planning process where thinking is converted into action o Step 5 the effectiveness of the plan is assessed. Comparing actual results with planned performance Organizing - %K05479L4341,2,3,J078M4-9K,9L8.43.0730ZL9K24-LOL]L3J9K030.088,77084:7.0894 complete a particular task is known as organizing - The importance of the organizing function of management can be seen by considering what happened to Hewlett-Packard. - Hewlett-Packard had some setbacks due to following the structure that had served so well in the past. 33L;0724709K0K0,419K01L7288419Z,70,3807;L.08 business suggested that it HP needed an integrated, organization-ZL0L3907309897,90J-:9:31479:3,90O+!8 highly decentralized organization made that impossible. So Ann Livermore led the charge to create one organization to drive a single internet plan Leading - The activities involving interactions between managers and their subordinates to meet the 1L7284-M0.9L;08,70N34Z3,8leading (or directing) - Leading goes beyond merely giving orders, leaders attempt to guide and motivate employees to work in the best interests of the organization Controlling - Controlling L89K05479L4341,2,3,J078M4-9K,9L8.43.0730ZL9K243L947L3J,1L728 performance and to make sure that the firm is meeting its goals - The control process: establish standards, measure performance, does measured performance match standards? www.notesolution.com
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